Brent oil prices are currently trading positively, nearing a critical resistance level of $75.36. Market analysts suggest that the price may retest the recently broken neckline of a double top pattern before experiencing a potential decline. Notably, the stochastic indicator is losing its positive momentum, which could support the likelihood of a bearish rebound.
As a result, the prevailing sentiment leans towards a bearish trend in the near future unless prices breach the aforementioned resistance level. Analysts anticipate initial targets at $73.90, with potential further declines to $72.06 if the previous level is broken.
Today’s expected trading range for Brent oil is set between a support level of $73.00 and a resistance level of $76.00.
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